Sweetgreen Salad Chain Announces Blockchain Development Plans In Second Funding Round
Sweetgreen Salad Chain Announces Second Funding Round To Develop Blockchain
Sweetgreen is based out of the United States, and they are a fast-casual chain for salad. Though they have already held their first funding round, they are now trying to raise an additional $200 million. Based on a press release from Business Wire on November 13th, the new funding will be dedicated to blockchain primarily. However, they will also focus on their digital platform, the expansion of their restaurants, outpost, and social impact.
The first round, which closed in October, brought in $200 million, pushing the value of the company to over $1 billion. The second round, which is being led by Fidelity Investments, is believed to have much of the same performance this time around. A statement from co-founder and CEO Jonathan Neman said,
“As a company we are focused on democratizing real food. Our vision is to evolve from a restaurant company to a food platform that builds healthier communities around the world.”
With the new capital, the overall goal is to progress in both technology and supply chain development. However, blockchain is noted in the report as being the “most viable solution available” in their effort to improve transparency in food supply chains. Right now, the company is the owner of 90 restaurants in the United States, and they want the blockchain to help with the tracking of each food from the supplier to their customers.
Food supply chains and other areas of agriculture around the world are finding ways that blockchain can be used. A recent report from CoinTelegraph, titled:
“Report: Blockchain in Agriculture and Food Supply Will Be Worth $430 Million” predicts that the blockchain aspect of the agriculture industry will grow more than sevenfold in the next five years. That means that the current worth ($60.8 million) would rise to $429.7 million.”
To bring validity to these estimates, the four largest agriculture companies have been partnering to work on the digitization of international grain trading, employing both blockchain and artificial intelligence. At the start, these technologies will help to make the post-trade execution of grain and oil seed into an automated process. From there, the group plans to experiment in shipping, storage, and customer experience sectors with the technologies.